A group of Latin American leftist leaders have proposed setting up a joint monetary zone following their meeting Wednesday to discuss the world financial crisis.
During the one-day meeting of the Bolivarian Alternative for the Americas (ALBA), the presidents of Venezuela, Nicaragua, Bolivia, Honduras and Ecuador discussed possible solutions to the current financial crisis.
Venezuelan President Hugo Chavez proposed the creation of a joint monetary zone to replace the U.S. dollar. "We're going to create a (joint) monetary zone...We're not going to wait for the International Monetary Fund and the World bank to solve our problems with our arms crossed," he said at the start of the meeting.
The ALBA trade alliance, set up by Cuba and Venezuela in 2004 as a fair trade alternative to U.S.-backed free trade policies, includes Bolivia, Nicaragua, Honduras and the Caribbean island of Dominica.
Source:Xinhua
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